Are you about starting an acupuncture clinic? If YES, here is a complete sample acupuncture clinic business plan template & feasibility report you can use for FREE.
Okay, so we have considered all the requirements for starting an acupuncture clinic. We also took it further by analyzing and drafting a sample acupuncture clinic marketing plan template backed up by actionable guerrilla marketing ideas for acupuncture clinics. So let’s proceed to the business planning section.
The acupuncture industry is greatly gaining grounds in the modern world. There are vast business opportunities in the alternative medical practice industry and acupuncture is one of them.
This line of business is thriving and profitable in the united states of America and in most countries of the world. So, if you are interested in starting a business in alternative medical practice, then you should consider opening your own acupuncture clinic business.
When it comes to starting an acupuncture clinic just like any other alternative medical practice related business, you are required to first look at the existing laws in the country or state you reside. This is so because there is hardly any country that does not pay serious attention to their health sector.
The health industry cum alternative medical practice industry is usually highly regulated so as to guard against the infiltration of quacks or substandard acupuncture clinics or health facilities.
You can start your acupuncture clinic business from a small town in the United States and if you are consistent and creative, it won’t be too long before your brand becomes a nationally recognized brand especially if you go into franchising.
Below is a sample acupuncture clinic business plan template that can help you to successfully write your own with little or no hassles.
A Sample Acupuncture Clinic Business Plan Template
Table of Content
- 2. Executive Summary
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 13. Startup Expenditure (Budget)
1. Industry Overview
The alternative medicine practice industry has been in existence as far back as modern civilization and it is common to find acupuncture clinics in the india, China, Japan and most countries in Asia.
Acupuncture which is a complimentary medical practice is a treatment technique that involves stimulating certain points on the body, most often with a needle penetrating the skin, to alleviate pain or to help treat various health conditions; it is a complete medical protocol focused on correcting imbalances of energy in the body.
The Alternative Medicine Industry is a well – established industry in the United States, Canada, and Australia, and the industry works hand in hand with other manual – therapy related professions such as chiropractic medicine, massage therapy, osteopathy, and physical therapy et al.
Most of the people who require acupuncture care do so for aliments such as lower back pain and neck pain, but many acupuncturists treat ailments other than musculoskeletal issues.
The Alternative Medicine industry is projected to grow slowly due to reservation about the field’s validity. On the other hand, the number of people who are over the age of 50 is rising, supporting alternative medicine industry demand, and healthcare reform is expanding the number of individuals with health insurance policy cover, boosting revenue growth.
No doubt, in the next few years, sustained public uncertainty of the industry will likely continue to limit industry growth, but on the other hand, acupuncturists are positioning their business to take advantage of newfound consumer interest in complementary and alternative healthcare.
In addition, the reform in the healthcare sector will also continue to positively impact the industry, even though it will likely impact the profit margins negatively.
The Alternative Medicine industry is a very large industry that is very active in all the parts of the world. Bardwell Chiropractic Acupuncture Center, North County Integrative Acupuncture Center, Samra Clinic and The Children’s Hospital in Minneapolis are the leaders in this industry and they have the dominate market share in the industry.
Statistics has it that in the United States of America alone, there are about 68,848 registered and licensed alternative medical clinics cum acupuncture clinics responsible for employing about 166,370 and the industry rakes in a whooping sum of $14bn annually. The industry is projected to enjoy 1.3 percent annual growth.
More people are entering into the alternative medicine industry simply because the entry barriers in this industry are moderate compare to the medical industry. The major obstacle to an aspiring entrepreneur who wants to start their own acupuncture clinic business is that they are expected to obtain medical licensure.
This so because any practitioner in this industry must be appropriately licensed before they can be allowed to practice. In order to earn an acupuncturist license, an aspiring entrepreneur must prove that they have received adequate education and that they would uphold basic ethical standards.
Just like any other regulatory entry barrier, licensure has the effect of controlling supply in the industry and generating security for incumbent practitioners.
The alternative medicine industry is pretty much open to new entrepreneurs and investors to come in and build a successful business as long as they are qualified to operate in the United States of America or their country of residence.
2. Executive Summary
Smith Sumrall® Acupuncture Clinic, LLC is a registered and licensed acupuncture clinic that will be located in Atlantic Avenue, Delray Beach – Florida. We have been able to secure a standard facility that is located in the heart of town. Aside from the fact that we will start our acupuncture clinic in Los Angeles, we intend to have a strong presence in the whole of Florida.
Smith Sumrall® Acupuncture Clinic, LLC is in business to offer core acupuncture treatments such as cancer treatment, infertility treatment, fibromyalgia treatment, asthma treatment et al. We are well trained, equipped and positioned to offer acupuncture therapies and treatment in a systematic way to individuals, families or communities in a caring, and professional environment.
We are in the alternative medicine industry to deliver excellent acupuncture services to all those who will patronize our services. We will also ensure that in the line of carrying out our duty, we comply with the laws and health regulations in the United States of America.
One thing is certain; our clients will definitely get fully healed from their ailment when they hire our services. We will work hard to help people soothe their spine pains, joint pains, improve their sleep, boost their immune system function, increasing their mental alertness, ease the effects of cancer treatment, aid headache sufferers, alleviate depression, and ultimately reduce or eliminate their stress level.
Smith Sumrall® Acupuncture Clinic, LLC will operate a 24 hours 7 days a week acupuncture clinic; our clinic facility will be open round the clock to attend to clients and we will also offer home services as requested by our clients.
Our work force will be well trained to operate within the framework of our organization’s corporate culture and also to meet the needs of all our customers (patients). We have put structures in place that will enable us accept insurance payments as well as private – party payments from our clients.
Smith Sumrall® Acupuncture Clinic, LLC will ensure that all our clients are given first class treatment whenever they visit our acupuncture clinic. We have a CRM software that will enable us manage a one on one relationship with our customers (patients) no matter how large they are.
Smith Sumrall® Acupuncture Clinic, LLC is a family business that is owned and managed by Dr. Johnson Lee – Cho and his immediate family members. Dr. Johnson Lee – Cho is an international – licensed acupuncturist, Chiropractor and Massage Therapist with robust experience in the alternative medicine industry. He will be bringing in his vast experience and expertise to help the organization grow to become one of the leading acupuncture clinics in the United States of America.
3. Our Products and Services
Smith Sumrall® Acupuncture Clinic, LLC is in the alternative medical practice industry to a leader in the industry. We will work hard to help people soothe their pains, improve their sleep, boost their immune system function, increase their mental alertness, ease the effects of cancer treatment, aid headache sufferers, alleviate depression, and ultimately reduce or eliminate their stress level.
We area also in the industry to make profits and we are going to do all that is permitted by the laws in the United States of America to achieve our business aims and objectives. These are the acupuncture services that Smith Sumrall® Acupuncture Clinic, LLC will be offering;
- Cancer treatment
- Infertility treatment
- Fibromyalgia treatment
- Asthma treatment
- Retailing of acupuncture and other alternative health products
- Diagnostics services
4. Our Mission and Vision Statement
- Our vision is to become the number one choice when it comes to acupuncture treatments in the whole of Delray Beach – Florida and also to be amongst the top 10 acupuncture clinics in the United States of America and Canada within the next 15 years.
- Smith Sumrall® Acupuncture Clinic, LLC is in business is to establish a first class acupuncture clinic that will take care of both highly placed clients and lowly placed clients as long as they can afford our services. We want to become one of the leaders in the industry in The United States of America and Canada.
Our Business Structure
Smith Sumrall® Acupuncture Clinic, LLC is a business that will be built on a solid foundation. From the outset, we have decided to recruit only qualified professionals to man various job positions in our organization. We are quite aware of the rules and regulations governing the alternative medicine industry which is why we decided to recruit only well experienced, licensed and qualified employees as foundational staff of the organization. We hope to leverage on their expertise to build our business brand to be well accepted in Delray Beach – Florida.
When hiring, we will look out for applicants that are not just qualified and experienced, but honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders. As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of five years or more.
These are the positions that will be available at Smith Sumrall® Acupuncture Clinic, LLC;
- Chief Executive Officer (Owner)
- Chief Acupuncturist
- Massage Therapist
- Marketing Executive
- Cashier (Counter Agent)
- Customer Care Executive
5. Job Roles and Responsibilities
Chief Executive Officer:
- Ensures management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Accountable for fixing prices and signing business deals
- Responsible for providing direction for the business
- Responsible for signing checks and documents on behalf of the company
- Assesses the success of the organization
- Carries out induction for new team members
- Answerable for handling cancer treatment
- Responsible for handling infertility treatment
- Accountable for handling fibromyalgia treatment
- Responsible for handling asthma treatment
- Diagnoses and treats patients (diagnosis and treatment of mechanical disorders of the musculoskeletal system, mainly the spine, other joints, and soft tissues)
- Provides natural, drugless, nonsurgical health treatments
- Refers patients to or consult with other health practitioners
- Responsible for handling general acupuncture treatment
- Responsible for providing professional massaging services to our patients
- Responsible for offering occupational, physical, and speech therapy
- Ensures that clients / patients follow through recovery or healing plans as agreed
Exercise and Training Physiologist
- Handles all aspect of sports and rehabilitation chiropractic care (exercises and health and lifestyle counseling)
- Responsible for evaluating, researching, and providing advice on exercise and training.
- Engages in recovery practices in all areas of exercise and rehabilitation
- Provides timely information and support on injury prevention, technique analysis, and nutrition.
- Creates training rosters for members
- Assists members during exercise sessions
- Guides members on how to make use of gym and fitness equipment
- Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Models demographic information as it relates to those who need our services
- Sources for clients for the company
- Responsible for promoting the company’s image
- Responsible for creating marketing and sales strategies, etc.
- Represents the organization in some strategic business meetings
- Handles any other duty as assigned by the Chief Executive Officer
Accountant/Cashier (Counter Agent):
- Receives payments on behalf of the organization
- Issues receipt to customers
- Prepares financial report at the end of every working week
- Handles financial transaction on behalf of the company
- Interfaces with our bankers
- Responsible for payment of tax, levies and utility bills
- Handles any other duty as assigned by the Chief Executive Officer
Client Service Executive
- Ensures that all contacts with clients (e-mail, walk-In centre, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the manager in an effective and timely manner
- Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
- Receives Visitors / clients on behalf of the organization
- Receives parcels / documents for the company
- Handles enquiries via e-mail and phone calls for the organization
- Distributes mails in the organization
- Handles any other duties as assigned by the line manager
6. SWOT Analysis
Smith Sumrall® Acupuncture Clinic, LLC is set to become one of the leading acupuncture clinics in the whole of Delray Beach – Florida which is why we will ensure that we are well trained and equipped to carry out our duties. We want Smith Sumrall® Acupuncture Clinic, LLC to be the number one choice of residents of Delray Beach – Florida and other cities in Florida.
We know that if we are going to achieve the goals that we have set for our business, then we must ensure that we build our business on a solid foundation.
We made sure that we hire the services of business consultants that are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis and to also provide professional support in helping us structure our business to indeed become a leader in the alternative medical practice industry.
This is the summary of the SWOT analysis that was conducted for Smith Sumrall® Acupuncture Clinic, LLC;
Our strength lies in the fact that we have a team of well qualified, experienced and licensed professionals manning various job positions in our organization. As a matter of fact, they are some of the best hands in the whole of Delray Beach – Florida.
Our location, the Business model we will be operating (opening 24 hours daily and 7 days in a week) home services, multiple payment options, well equipped facility and our excellent customer service culture will definitely count as a strong strength for us.
Our perceived weakness lies in the fact that we are just starting out and we may not have the required finance to sustain the kind of publicity that we intend giving the business.
The opportunities that are available to acupuncture clinics are unlimited considering the fact that we have a growing population that are prone to painful ailments in the United States and we are going to position our business to make the best out of the opportunities that will be available to us in Florida.
Just like any other business, one of the major threats that we are likely going to face is economic downturn and unfavorable government policies (healthcare reform). Other threats that may likely confront us are sustained public uncertainty of the industry and the arrival of a newer and well established acupuncture clinic or even chiropractic and massage therapy brand that offer acupuncture treatments in the same location where our outlet is located.
7. MARKET ANALYSIS
- Market Trends
One of the trends that has positioned the alternative medical practice to be on the rise is the fact that they are now well – regulated and conventional healthcare providers now easily refer some of their patients to them.
If you keep tabs with the trend in the alternative medicine industry, you will agree that the industry is indeed growing despite public uncertainty of the industry which is why acupuncture clinic franchises are now selling faster than before. It is now easier to find acupuncture clinics in places that ordinarily you would not find one; places such as residential estates, business districts, and farmers’ market and even in shopping malls et al.
More people are entering into the alternative medicine industry because the entry barriers in this industry are moderate compare to the medical industry. The major obstacle for aspiring entrepreneur who wants to start his own acupuncture clinic business is that he is expected to obtain medical licensure.
This so because any practitioner in this industry must be appropriately licensed before they can be allowed to practice. In order to earn an acupuncture license, aspiring entrepreneurs must prove that they have received adequate education and that they uphold basic ethical standards.
Just like any other regulatory entry barrier, licensure has the effect of controlling supply in the industry and generating security for incumbent practitioners. In addition, the existence of established practices in the proposed area of practice can affect the viability of opening a new practice in that area. In contrast to the licensing requirements, the costs of establishment are not significant.
8. Our Target Market
The target market for acupuncture clinics cuts across people from different walks of life. The fact that people who have spine problem, painful ailments and any other related problems would do anything and pay any amount to get well makes marketing the business interesting.
Our marketing strategies will be directed towards achieving specific objectives that support the strategic goals of the organization. The truth is that all that we do will be geared towards creating new market channels, increasing sales and our market share. We will leverage on improving on our services and facility to ensure that we win new clients and retain old ones.
Smith Sumrall® Acupuncture Clinic, LLC will work towards providing services, facilities and environment that will help us reach out to our target market. These are the category of people that we intend marketing our acupuncture clinic services to;
- Cancer patients
- Those suffering from infertility problems
- Those who require fibromyalgia treatment
- Asthmatic patients who require asthma treatment
- Injured Sports Men and Women
- The aged who might suffer from severe joint pains, and every other age category that falls under the conditions listed by the physician.
Our Competitive Advantage
Before setting up Smith Sumrall® Acupuncture Clinic, LLC, we are quite aware that the competition in the industry on the increase which is why we decided to conduct a thorough market research and feasibility studies so that we will be well trained and equipped to compete in Delray Beach – Florida. As a matter of fact, we will provide acupuncture therapy services that are effective and efficient to our clients.
We will ensure that every experience our clients get when they visit us are pleasurable and will make them want to come back again. We will also ensure that we only make use of quality supplies and create an ambiance that will be relaxing and welcoming.
We are quite aware that to be highly competitive in the alternative medicine industry means that you should be able to deliver consistent quality service, your clients should be able to experience remarkable difference cum improvement and you should be able to meet the expectations of the physicians that referred patients to you.
Smith Sumrall® Acupuncture Clinic, LLC is coming into the market well prepared to favorably compete in the industry. Our facility is well positioned and visible, and we have enough parking space with good security. Our staff are well groomed in all aspects of acupuncture therapy and all our employees are trained to provide customized customer service to all our clients.
Our services will be carried out by highly trained and licensed acupuncturists, chiropractors and massage therapists, wellness coach, gym instructor, physiologists, medication management counselors, physical therapists, county aging workers, and rehabilitation counselors et al who know what it takes to give our highly esteemed customers value for their money.
We are going to be one of the few acupuncture therapy service providers in the whole of Florida that will offer home services and also open for business 24 hours a day and 7 days a week. We have enough trained acupuncturists, chiropractors, massage therapist and wellness professionals that are ready to run a shift system.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Smith Sumrall® Acupuncture Clinic, LLC will ensure that we do all we can to maximize the business by generating income from every legal means within the scope of our industry. Below are the services we intend offering in order to generate income for Smith Sumrall® Acupuncture Clinic, LLC;
- Cancer treatment
- Infertility treatment
- Fibromyalgia treatment
- Asthma treatment
- Retailing of acupuncture and other alternative health products
- Diagnostics services
10. Sales Forecast
It would be hard to create a sales forecast with a newly opened business – like acupuncture clinic. This is because the statistics that will be provided will be on a short – term basis. Experts said that usually a business should be in operation for at least one year before they can generate the statistics that will be needed to help in accurate forecasting; statistics should be at least one-year-old in order to show the trends and pattern in consumer spending.
Below are the sales projections for Smith Sumrall® Acupuncture Clinic, LLC. It is based on the location of our clinic facility and the services and products that we will be offering to our clients.
- First Year: $120,000 (From Self – Pay Clients): $250,000 (From Health Insurance Companies)
- Second Year: $270,000 (From Self – Pay Clients): $500,000 (From Health Insurance Companies)
- Third Year: $550,000 (From Self – Pay Clients): $1,500,000 (From Health Insurance Companies)
N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. There won’t be any major competitor offering the same services as we do within 4.5 miles’ radius from our acupuncture clinic facility. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
The marketing and sales strategy of Smith Sumrall® Acupuncture Clinic, LLC will be based on generating long-term personalized relationships with customers. In order to achieve that, we will ensure that we offer top notch acupuncture therapy and wellness services at affordable prices compared to what is obtainable in and around Florida.
Aside from the strategic location of our business, all our employees will be well trained and equipped to provide excellent and knowledgeable acupuncture therapy and wellness services at all times. We know that if we are consistent with offering high quality service delivery and excellent customer service, we will increase the number of our customers by more than 25 percent for the first year and then more than 40 percent subsequently.
Before choosing a location for our acupuncture clinic, we conducted a thorough market survey and feasibility studies in order for us to be able to penetrate the available market in Delray Beach and other cities in Florida where our services will be available.
We hired experts who have good understanding of the alternative medicine industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Delray Beach – Florida.
In summary, Smith Sumrall® Acupuncture Clinic, LLC will adopt the following sales and marketing approach to win customers over;
- Introduce our business by sending introductory letters to health facilities, residents, business owners and corporate organizations
- Open our acupuncture clinic with a big party to capture the residents of Delray Beach – California
- Advertise our acupuncture clinic on national dailies, local TV and radio stations
- Promote our acupuncture clinic online via our official website and all available social media platforms
- Continuously improving the performance of our brands
- Hire the services of experts to make our brands the first choice for people in Delray Beach – Florida
- Delivering consistent customer experiences to all our members; making our first impression count positively to those who will hire our services for the first time
- Make use of attractive hand bills to create awareness and also to give direction to our acupuncture clinic
- Adopt direct mailing coupon marketing approach
- Position our signage/flexi banners at strategic places
- Create a loyalty plan that will enable us reward our loyal customers who refer other patients to us
- Engage in roadshows from time to time within our neighborhood to create awareness for our acupuncture clinic.
11. Publicity and Advertising Strategy
We are not just in the acupuncture therapy services business to make profits but also to become one of the market leaders hence we are going to explore all available means to promote our business.
Smith Sumrall® Acupuncture Clinic, LLC has a long term plan of offering acupuncture therapy services not just in our facility but also in various locations all around Florida which is why we will deliberately build our brand to be well accepted in Delray Beach before venturing out.
As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand to the general public. Here are the platforms we intend leveraging on to promote and advertise Smith Sumrall® Acupuncture Clinic, LLC;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community health and fitness programs
- Leverage on the internet and social media platforms like Instagram, Facebook, twitter, YouTube, Google + et al to promote our brand
- Install our billboards in strategic locations all around Delray Beach – Florida
- Engage in roadshows from time to time in targeted communities
- Distribute our fliers and handbills in target areas
- Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.
12. Our Pricing Strategy
Smith Sumrall® Acupuncture Clinic, LLC will work towards ensuring that all our services are offered at highly competitive prices compared to what is obtainable in the United States of America.
On the average, acupuncture therapy and wellness service providers usually leverage on the fact that a good number of their clients do not pay the service charge from their pockets; private insurance companies, Medicare and Medicaid are responsible for the payment. In view of that, it is easier for players in the industry to bill their clients based in their discretion.
It is important to clearly state that in some cases, acupuncture therapy and wellness service providers also adopt the hourly billing cum per visit billing method.
- Payment Options
The payment policy adopted by Smith Sumrall® Acupuncture Clinic, LLC is all – inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Smith Sumrall® Acupuncture Clinic, LLC will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards / Point of Sale Machines (POS Machines)
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our clients make payment for services rendered without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our services.
13. Startup Expenditure (Budget)
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for your workers.
When it comes to setting up an acupuncture clinic, the materials and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting an acupuncture clinic; it might differ in other countries due to the value of their money.
However, this is what it would cost us to setup Smith Sumrall® Acupuncture Clinic, LLC in Delray Beach – Florida;
- The total fee for registering the business in the United States of America – $750.
- Legal expenses for obtaining licenses and permits – $1,500.
- Marketing promotion expenses (8,000 flyers at $0.04 per copy) for the total amount of $10,000.
- The cost for hiring business consultant – $5,000.
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $30,800.
- The cost of accounting software, CRM software and Payroll Software – $3,000
- The cost for leasing facility for the weight loss clinic – $180,000.
- The cost for facility remodeling – $50,000.
- Other start-up expenses including stationery – $1000
- Phone and utility deposits – $3,500
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $40,000
- The cost for start-up inventory – $15,000
- Storage hardware (bins, utensil rack, shelves, glasses et al) – $1,720
- The cost for acquiring acupuncture equipment and supply – $200,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al) – $4,000.
- The cost of launching a website – $600
- The cost for our grand opening party – $1,500
- Miscellaneous – $5,000
We would need an estimate of seven hundred and fifty thousand dollars (750,000) to successfully launch a standard and well – equipped acupuncture clinic in Delray Beach – Florida. It is important to state that the testing and evaluating expenses would be high because of the large amount of equipment needed to start an acupuncture clinic.
Generating Startup Capital for Smith Sumrall® Acupuncture Clinic, LLC
Smith Sumrall® Acupuncture Clinic, LLC is a family business that is solely owned and financed by Dr. Johnson Lee – Cho and his immediate family members. They do not intend to welcome any external business partners which is why he has decided to restrict the sourcing of the startup capital to 3 major sources.
- Generate part of the startup capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from the Bank
N.B: We have been able to generate about $200,000 (Personal savings $150,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $550,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
14. Sustainability and Expansion Strategy
It is a known fact that the future of any business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.
One of our major goals of starting Smith Sumrall® Acupuncture Clinic, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to offer our acupuncture treatment cum therapy services a little bit cheaper than what is obtainable in the industry and we are well prepared to survive on lower profit margin for a while before increasing our service charges.
Smith Sumrall® Acupuncture Clinic, LLC will make sure that the right foundation, business structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of facility and remodeling the facility: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Printing of Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of acupuncture equipment and gadgets et al: In Progress
- Purchase of the needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party/launching party planning: In Progress
- Compilation of our list of potential clients in and around Delray Beach – Florida: Completed